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Copper market afternoon commentary: oil prices continued to rise, overnight London copper closed up $60; Geopolitical risks weighed on market risk appetite, but the non-ferrous sector had a good atmosphere, and copper prices were supported by declining demand and a good macro orientation, and copper is expected to continue to rise
today.
Fed Chairman Jerome Powell confirmed plans to raise interest rates in March and does not rule out raising rates
at every future meeting.
U.
S.
new home sales surged 11.
9% month-on-month in December, the biggest month-on-month
increase since July 2020.
Overnight, the Fed did not raise interest rates and hinted at the start of a rate hike in March, in line with expectations, the dollar rose sharply, and non-ferrous metals fluctuated
highs.
Overnight, London copper opened low and rose to close at $9905, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened slightly higher in the night session, and the high oscillated to close the doji, closing at 70950, and may open slightly lower with the outside market today
.
Shanghai copper trading positions all declined, and the pre-holiday market trading was light
.
There is more short-term news, copper prices have a large amplitude, and the volatile market may continue in the medium term
.
Shanghai copper upper pressure 72500, lower support 67500
.
Today, international copper edged up to 240 points compared with Shanghai copper, and Shanghai copper trend was slightly stronger than London copper
.
